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Acquisitions of Rental Property (Tables)

6 Months Ended

Jun. 30, 2022

The Company closed on the following acquisitions during the six months ended June 30, 2022:


(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
January 7, 2022	Retail		2	$	2,573
February 10, 2022	Industrial		1		21,733
February 15, 2022	Retail		1		1,341
February 28, 2022	Industrial		1		5,678
March 4, 2022	Retail		6		79,061
March 31, 2022	Restaurant		16		99,587
April 12, 2022	Retail		1		1,680
April 12, 2022	Industrial		1		7,522
April 13, 2022	Industrial		1		16,250
April 19, 2022	Retail		1		1,780
May 16, 2022	Retail		1		2,264
June 7, 2022	Retail		1		11,510
June 13, 2022	Retail		1		1,638
June 15, 2022	Retail		1		1,884
June 21, 2022	Industrial		5		78,500
June 29, 2022	Healthcare		1		12,467
June 30, 2022	Industrial		1		29,500
			42	$	374,968	(a)

(a)

Acquisition price excludes capitalized acquisition costs of $3.1 million and a $17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18).

The Company closed on the following acquisitions during the six months ended June 30, 2021:


(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
February 5, 2021	Healthcare		1	$	4,843
February 26, 2021	Restaurant	(b)			181
March 11, 2021	Retail		13		26,834
March 30, 2021	Retail		11		41,324
March 31, 2021	Healthcare		3		14,140
June 4, 2021	Retail		2		19,420
June 9, 2021	Industrial		1		8,500
June 9, 2021	Industrial		11		106,578
June 25, 2021	Retail		8		12,131
June 28, 2021	Healthcare		4		15,300
June 30, 2021	Retail		1		1,279
June 30, 2021	Healthcare		7		30,750
			62	$	281,280	(c)

(b)

Acquisition of additional land adjacent to an existing property.

(c)

Acquisition price excludes capitalized acquisition costs of $3.0 million.

Subsequent to June 30, 2022, the Company closed on the following acquisitions (see Note 19):


(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
July 1, 2022	Retail		2	$	3,052
July 7, 2022	Retail		1		2,171
July 8, 2022	Industrial		11		75,000
			14	$	80,223

Summary of Allocation of Purchase Price

The following table summarizes the purchase price allocation for completed real estate acquisitions:


	For the Six Months Ended June 30,
(in thousands)	2022				2021
Land	$	77,088			$	48,477
Land improvements		26,002				15,844
Buildings and improvements		253,500				197,064
Acquired in-place leases(d)		29,585				22,729
Acquired above-market lease (e)		—				211
Acquired below-market lease (f)		(76	)			—
Non-real estate liabilities assumed		(8,051	)			—
	$	378,048		(g)	$	284,325

(d)

The weighted average amortization period for acquired in-place leases is 20 years and 14 years for acquisitions completed during the six months ended June 30, 2022 and 2021, respectively.

(e)

The weighted average amortization period for the acquired above-market leases is 10 years for acquisitions completed during the six months ended June 30, 2021. There were no above-market leases acquired during the six months ended June 30, 2022.

(f)

The weighted average amortization period for acquired below-market leases is nine years for acquisitions completed during the six months ended June 30, 2022. There were no below-market leases acquired during the six months ended June 30, 2021.

(g)

Excludes $17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18).